Business News

More than $24.78 billion in foreign direct investment (FDI) flowed into Vietnam in the first nine months of 2024, climbing 11.6 per cent on-year, according to the Foreign Investment Agency. A total of 2,492 new projects were granted investment registration certificates in that period, with registered capital of over $13.55 billion, down 4.3 per cent in number but up 11.3 per cent in terms of capital.

The list of prospective investors for the offering includes 66 individuals and organisations. Notably, Pyn Elite Fund, a foreign fund from Finland, is the largest institutional investor with a registered purchase of 21.5 million shares, representing 15 per cent of the total offering, 2.99 per cent of post-issue capital.

The MoC had earlier called on the financial sector to collaborate on drafting tax policies for second homes or unused properties, as property and housing prices have skyrocketed since the start of the year. In some suburban land auctions, winning bids have soared to as high as hundreds of millions of VND per square metre, significantly above starting prices, distorting the healthy development of the market.

In a meeting with Party General Secretary, State President To Lam during his working trip to the United States last week, Wally Liaw, founder and senior vice-president of business development at Supermicro, said the company proposed cooperation with Vietnam in developing data centres and server system manufacturing.

By prioritizing investment in high-tech sectors, mechanical engineering, electronics and supporting industries, especially semiconductors, Vinh Phuc province has attracted major semiconductor corporations from Korea, Taiwan, the United States, and other regions, aiming to establish itself as a key electronics hub in the country.

The MoC had earlier called on the financial sector to collaborate on drafting tax policies for second homes or unused properties, as property and housing prices have skyrocketed since the start of the year. In some suburban land auctions, winning bids have soared to as high as hundreds of millions of VND per square metre, significantly above starting prices, distorting the healthy development of the market.

In addition, leaders of Binh Duong province also granted investment approvals for four other projects, including the $451 million Bac An Tay Urban Area, the $550 million Dong An Tay Urban Area, a $141 million high-end apartment complex combined with commercial services, and the $57 million ICD Rach Bap inland port.

At a press briefing on September 27, Dang Ngoc Minh, deputy director general of the General Department of Taxation (GDT) announced that the revised draft of the Law on Tax Administration includes a proposal requiring e-commerce platforms to declare and pay taxes on behalf of sellers. This measure aims to strengthen the effectiveness of tax management in the growing digital economy.